Company files for insolvency under IBC, owes Canara Bank ~Rs 27.68 crores
CEREBRAINT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.7 pts more than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Cerebra Integrated Technologies has filed an application with NCLT Bengaluru under Section 10 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (CIRP). The default is Rs 27,67,60,247 (~Rs 27.68 crores) owed to Canara Bank. The company itself has initiated the insolvency process. NCLT's admission of the application is pending.
Negative for shareholders. If NCLT admits, trading may be suspended, board replaced by insolvency professional, and equity could be wiped out.